General Dynamics 2014 Annual Report Download - page 56

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The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined-benefit retirement plans:
Pension Benefits Other Post-retirement Benefits
Year Ended December 31 2014 2013 2014 2013
Change in Benefit Obligation
Benefit obligation at beginning of year $ (11,013) $ (12,114) $ (1,183) $ (1,384)
Service cost (186) (298) (12) (15)
Interest cost (532) (492) (52) (53)
Amendments (1) 234 55 –
Actuarial gain (loss) (2,083) 1,094 (30) 177
Settlement/curtailment/other 64 2 15 11
Benefits paid 515 561 77 81
Benefit obligation at end of year $ (13,236) $ (11,013) $ (1,130) $ (1,183)
Change in Plan/Trust Assets
Fair value of assets at beginning of year $ 8,476 $ 7,227 $ 519 $ 426
Actual return on plan assets 664 1,200 68 116
Employer contributions 513 601 6 25
Settlement/curtailment/other (65) (3) (1) –
Benefits paid (504) (549) (39) (48)
Fair value of assets at end of year $ 9,084 $ 8,476 $ 553 $ 519
Funded status at end of year $ (4,152) $ (2,537) $ (577) $ (664)
Amounts recognized on our Consolidated Balance Sheets consisted of the following:
Pension Benefits Other Post-retirement Benefits
December 31 2014 2013 2014 2013
Noncurrent assets $ 176 $ 178 $ – $ –
Current liabilities (128) (104) (181) (199)
Noncurrent liabilities (4,200) (2,611) (396) (465)
Net liability recognized $ (4,152) $ (2,537) $ (577) $ (664)
Amounts deferred in AOCL consisted of the following:
Pension Benefits Other Post-retirement Benefits
December 31 2014 2013 2014 2013
Net actuarial loss $ 5,364 $ 3,618 $ 89 $ 109
Prior service (credit) cost (320) (387) (38) 10
Total amount recognized in AOCL, pretax $ 5,044 $ 3,231 $ 51 $ 119
The following is a reconciliation of the change in AOCL for our defined-benefit retirement plans:
Pension Benefits Other Post-retirement Benefits
Year Ended December 31 2014 2013 2014 2013
Net actuarial loss (gain) $ 2,074 $ (1,704) $ (7) $ (264)
Prior service cost (credit) 1 (234) (55) –
Amortization of:
Net actuarial loss from prior years (320) (409) (9) (26)
Prior service credit (cost) 67 67 2 (7)
Other* (9) (12) 1 (6)
Change in AOCL, pretax $ 1,813 $ (2,292) $ (68) $ (303)
* Includes foreign exchange translation and curtailment adjustments.
54 General Dynamics Annual Report 2014